Tougher Laws

May 07, 2007 (LBO) - Sri Lanka plans to include tough anti-terror financing laws into banking, insurance and securities market, in a bid to crack down on unscrupulous people using the financial system to launder money, officials said Monday. "We are looking at including elements of our anti-money laundering and financial transactions reporting laws into laws that govern the capital markets shortly," Sri Lanka's Central Bank Governor, Nivard Cabraal said.

"We need to step up our surveillance to prevent terrorists from using our financial system to raise money under the guise of charities or other forms, to buy arms," Cabraal said while opening a week-long regional anti-money laundering conference aimed at training market practioners.

The Financial Intelligence Unit (FIU) that overseas these laws in Sri Lanka, requires banks, finance companies, leasing companies, casinos, accountants, auditors and lawyers to report all foreign exchange dealings in excess of 5,000 dollars.
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"Besides the legal requirement of 5,000 dollars we are also asking those in the financial services to report any suspicious transactions to the FIU," FIU Director, H A Karunaratne said.
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FIU is also working closely with bankers and capital market